The Waltham, Massachusetts-based surgical robot maker received the notice on Sept. 20. It alerted the company that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual. Vicarious Surgical’s average closing price of Class A common stock fell below $1 per share over a consecutive 30-trading-day period.
Vicarious said in a news release that the notice does not result in immediate delisting from the NYSE. It intends to respond to the exchange within 10 business days of receipt of the notice. The company said it intends to cure the stock price deficiency and return to compliance.
Adam Sachs, Vicarious Surgical CEO, will speak on a panel at DeviceTalks West next month. Learn more at West.DeviceTalks.com.
Pursuant to NYSE rules, Vicarious has a six-month period following receipt of the notice to regain compliance. It can do so if its stock closes at or above $1 over a 30-trading-day period. Vicarious said it may also explore available alternatives to reaching the $1 mark. Those may include a reverse stock split, among other options.
Shares of RBOT remain listed and tradeable on the NYSE during the six-month period, subject to compliance with other NYSE standards.
It’s been an up-and-down 2023 for Vicarious, which boasts a handful of milestones for its surgical robotic platform. The company shared its intent to raise $45 million and offered a positive update on the commercialization effort for its system. With first-in-human trials slated for mid-2024, analysts expect commercialization sometime in 2025.
However, in addition to the latest market setback with the NYSE, the company started the year by cutting 14% of its workforce.
